Gilead and Terray Therapeutics Announce Multi-Target Research Collaboration to Discover and Develop Novel Small Molecule Therapies

-- Gilead and Terray Will Leverage Terray's tNova Drug Discovery Platform to Identify Small Molecule Therapeutics Against Targets of Interest --

-- Gilead Has Exclusive Option to Develop and Commercialize Products from the Collaboration --

Gilead Sciences, Inc. (NASDAQ:GILD) and Terray Therapeutics, Inc. announced today that the companies have entered into a strategic collaboration to discover and develop novel, small molecule therapies across multiple targets.

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Terray's tNova platform combines high-throughput chemical experimentation and computational analysis with a generative AI-driven drug discovery engine. The company's iterative approach applies AI-empowered methods to an extensive library of quantitative, purpose-built, structure activity data to find the right molecules to solve complex problems in drug discovery.

"Next-generation, AI-driven platforms using custom-generated large, relevant data sets will serve as important tools in our efforts to shape the future of drug discovery in our ongoing pursuit of innovative treatments across our therapeutic areas of focus," said Flavius Martin, M.D., Executive Vice President, Research, Gilead Sciences. "We are excited to collaborate with Terray and explore how their integrated discovery platform will complement our own internal research capabilities and expertise."

"We're proud to strategically partner with Gilead," said Jacob Berlin, Ph.D., Chief Executive Officer, Terray Therapeutics. "We're very excited to put tNova's unique blend of experimentation and computation to work alongside the deep expertise of our collaborators at Gilead to find transformational small molecule therapeutics that bring relief to patients in need."

Terms of the Agreement

Under the terms of the agreement, Terray will utilize the Terray tNova platform to discover and develop small molecule compounds against a set of targets selected by Gilead. If Gilead exercises its option to exclusively license the compounds directed to a target, Gilead will be responsible for further development and commercialization activities for products resulting from the collaboration. Terray will receive an upfront payment and is eligible to receive milestone payments associated with the achievement of preclinical, clinical, and sales milestones as well as tiered royalties on net sales of products commercialized by Gilead in connection with the collaboration.

Gilead does not exclude acquired IPR&D expenses from its non-GAAP financial measures. This transaction with Terray is expected to reduce Gilead's GAAP and non-GAAP 2024 EPS by approximately $0.01.

About Terray Therapeutics

Terray is an AI-powered biotechnology company with the technology, data, and mindset to radically change the way we discover and develop small molecule therapeutics. The company explores molecules and targets with a sophisticated integration of ultra-high throughput experimentation, generative AI, biology, medicinal chemistry, automation, and nanotechnology. Terray's platform uniquely blends experimentation and computation to deliver on the promise of generative AI for small molecule discovery—finding solutions to the toughest therapeutic challenges. To learn more about Terray, please visit terraytx.com and follow Terray Therapeutics on LinkedIn.

About Gilead Sciences

Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, and cancer. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, Calif.

Gilead Forward-Looking Statement

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including Gilead's ability to realize the anticipated benefits from the collaboration; difficulties or unanticipated expenses in connection with the collaboration and the potential effects on Gilead's earnings; the ability of the parties to initiate, progress or complete clinical trials within currently anticipated timelines or at all, and the possibility of unfavorable results from ongoing or additional trials, including those involving programs developed pursuant to the collaborations; the ability of the parties to file applications for regulatory approval or receive regulatory approvals in a timely manner or at all for the investigational programs developed pursuant to the collaborations, and the risk that any such approvals may be subject to significant limitations on use; the possibility that the parties may make a strategic decision to discontinue development of any of the investigational programs developed pursuant to the collaborations, and therefore these programs may never be successfully commercialized; and any assumptions underlying any of the foregoing. These and other risks, uncertainties and other factors are described in detail in Gilead's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as filed with the U.S. Securities and Exchange Commission. These risks, uncertainties and other factors could cause actual results to differ materially from those referred to in the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The reader is cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation and disclaims any intent to update any such forward-looking statements.

Gilead and the Gilead logo are trademarks of Gilead Sciences, Inc., or its related companies.

For more information about Gilead, please visit the company's website at www.gilead.com, follow Gilead on X/Twitter (@Gilead Sciences) and LinkedIn (@Gilead-Sciences).

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